PROCEPT BioRobotics (NASDAQ:PRCT) Share Price Crosses Above 50 Day Moving Average – What’s Next?

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s share price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $19.36 and traded as high as $19.84. PROCEPT BioRobotics shares last traded at $19.44, with a volume of 1,272,054 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently commented on PRCT. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PROCEPT BioRobotics in a report on Thursday, October 15th. Evercore set a $23.00 price target on PROCEPT BioRobotics in a research report on Wednesday, August 5th. Oppenheimer reissued a “market perform” rating on shares of PROCEPT BioRobotics in a report on Wednesday, September 9th. William Blair downgraded PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 5th. Finally, UBS Group lowered PROCEPT BioRobotics from a “buy” rating to a “neutral” rating and set a $20.00 target price for the company. in a report on Tuesday, July 28th. Three investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $25.50.

PROCEPT BioRobotics Stock Up 1.3%

The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.35 and a current ratio of 6.55. The firm has a market capitalization of $1.11 billion, a PE ratio of -10.02 and a beta of 0.92. The company’s 50 day simple moving average is $19.36 and its 200-day simple moving average is $23.33.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.01). The firm had revenue of $94.50 million during the quarter, compared to the consensus estimate of $92.77 million. PROCEPT BioRobotics had a negative net margin of 32.53% and a negative return on equity of 30.62%. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.35) earnings per share. On average, analysts forecast that PROCEPT BioRobotics Corporation will post -1.67 EPS for the current fiscal year.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CEO Larry Wood acquired 23,900 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average price of $20.85 per share, for a total transaction of $498,315.00. Following the completion of the transaction, the chief executive officer owned 23,900 shares of the company’s stock, valued at approximately $498,315. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 1,043 shares of company stock valued at $21,851 over the last quarter. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Inscription Capital LLC increased its holdings in shares of PROCEPT BioRobotics by 4.1% in the 3rd quarter. Inscription Capital LLC now owns 42,398 shares of the company’s stock worth $772,000 after buying an additional 1,662 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of PROCEPT BioRobotics during the 3rd quarter worth $159,000. Americana Partners LLC lifted its holdings in shares of PROCEPT BioRobotics by 58.1% during the 3rd quarter. Americana Partners LLC now owns 24,741 shares of the company’s stock worth $451,000 after acquiring an additional 9,091 shares during the last quarter. Signaturefd LLC grew its position in PROCEPT BioRobotics by 162.7% in the third quarter. Signaturefd LLC now owns 1,899 shares of the company’s stock worth $35,000 after acquiring an additional 1,176 shares in the last quarter. Finally, Sterling Capital Management LLC grew its position in PROCEPT BioRobotics by 849.2% in the third quarter. Sterling Capital Management LLC now owns 1,870 shares of the company’s stock worth $34,000 after acquiring an additional 1,673 shares in the last quarter. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation is a medical technology company focused on developing and commercializing robotic solutions for the treatment of benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms. The company’s technology is designed to provide a minimally invasive alternative to conventional surgical procedures.

Its primary product is the AquaBeam Robotic System, which uses image guidance, robotic assistance and a high-velocity waterjet to remove targeted prostate tissue.